Artificial Intelligence (2024)

Generative AI’s impact on business and society is already starting to be significant. As its capabilities rapidly expand, generative AI’s reach and its ease of use makes it even more accessible and applicable to even more use cases.

With GenAI, developing and deploying new AI capabilities is no longer limited to data scientists. Business users can write prompts to apply it to new tasks, use it for brainstorming and many other uses. As they gain more experience in working with it and refining prompts and approaches, the resulting speed and productivity allows them to focus on higher-value activities. As GenAI use in business expands, organizations can transform their business — so long as they practice Responsible AI and manage the new risks to security, privacy, bias and brands.hat is the impact of generative AI?

Generative AI can automate and enhance aspects of almost all business operations, ranging from customer service to software development and data analytics. For example, it can:

• Improve how you engage with your customers by enabling self-service, providing a greater interaction or experience

• Automate high-volume tasks, such as processing insurance claims and communications or rapidly streamline complex software development tasks

• Make it easier for your teams to understand all the unstructured data that matters — e.g. contracts, invoices, customer feedback, policies, performance reviews.

Responsible AI is a set of practices that balances AI’s transformative potential against inherent risks. These practices help companies navigate the risks and benefits of AI solutions in a consistent, transparent, and accountable manner. Responsible AI encourages collaboration between stakeholders to implement strategies and policies that prioritize and promote effective risk management, responsible practices, and align AI systems use with the organization's values and objectives.

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We are a community of solvers — consultants, engineers, developers, data scientists and designers — with the experience and knowledge to implement and provide oversight on generative AI. Our human-led and tech-powered mindset drives our success in harnessing the power of GenAI, both in house and with the companies we work for. Complemented by alliances with other leading tech companies and academic institutions, we are creating solutions that help you reimagine certain areas of your business to unlock more value.

PwC is not only transforming its own business at scale across all functions, but also powering workforce transformation at scale. We’re investing in upskilling our entire workforce on GenAI to support our clients by incorporating trust and design. We introduce the right technologies, processes, and upskilling to address the risks and opportunities GenAI can bring. PwC is already working on hundreds of generative AI use cases — both for clients and within our own organization to drive efficiency and productivity. Examples of successful implementation include:

• Developed a custom generative language model for a Pharma client to automate the writing of safety narratives for drug-related adverse events.

• Helped an insurance client apply AI to its claim estimation process, realizing efficiency savings across its estimator team.

• An automotive retailer client is using GenAI in production to help generate vehicle descriptions at scale and to provide summaries of reviews, resulting in improved search and conversion rates.

• Working with financial clients to analyze historical data and market trends where AI algorithms can generate more precise predictions for revenue, expenses, and cash flow. This can help our clients make better-informed decisions and develop more accurate financial plans.